ISLAMABAD: The government has finalised the draft law for the establishment of Pakistan Sovereign Wealth Fund for optimal leveraging and better management of the government’s assets and decided to seek legal opinion of the Ministry of Law and Justice over the proposed legislation.

Federal Minister for Finance and Revenue Senator Ishaq Dar chaired a meeting on the establishment of Pakistan Sovereign Wealth Fund, here on Friday.

SAPM on Finance Tariq Bajwa, Security Exchange Commission of Pakistan (SECP) Chairman Akif Saeed, and senior officers from the Finance Division and the SECP attended the meeting.

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As announced by the finance minister, Dar, in his budget 2023-24 speech in the Parliament, the meeting reviewed the draft bill for the establishment of Pakistan Sovereign Wealth Fund for optimal leveraging and better management of the Government of Pakistan’s assets in the country in line with international standards, policies and practices.

The establishment of the fund is authorised under the Public Finance Management Act- 2019.

The meeting deliberated upon the technicalities involved, finalised the draft law and decided to forward it to the Ministry of Law and Justice for legal opinion and further necessary action.

Copyright Business Recorder, 2023